Jenkins was unseated in July following clashes over his leadership, particular with regard to Barclays’ investment banking business.
American Staley’s background in investment banking at firms including JP Morgan has led many to believe one of his main priorities will be pushing through further reform of the company’s investment bank.
Barclays shares have barely responded to the news, falling 0.6p to 250.2p, likely reflecting the fact that the appointment was widely expected.
Staley joins on 1 December on a salary of £1.2m plus ‘role based pay’ of £1.15m delivered in shares, and £1.93m upfront in lieu of bonuses foregone in order to take on the job. He will also be eligible for a discretionary annual bonus up to a maximum 80% of his fixed pay.
“Barclays is an incredibly important, broad and complex business,” chairman John McFarlane said. “Appointing an individual with the business scope, seasoning and track record is a difficult challenge. In Jes Staley we believe we have an executive with the appropriate leadership talent and wide-ranging experience to deliver shareholder value and to take the Group forward strategically. In particular, he understands corporate and investment banking well, the re-positioning of which is one of our major priorities,” McFarlane added.
“It is an honour to be chosen to lead Barclays, an institution with an extraordinary legacy of 325 years in existence,” said Staley. “I look forward to building on this heritage and to working with the company’s dedicated and deeply talented employees to deliver the highest quality financial services to the bank’s customers and clients, with integrity and skill. We will be committed to preserving and enhancing the trust that is the foundation of Barclays’ reputation. Stability and long-term orientation are cornerstones for this great institution. We must recognise Barclays’ special obligation to those principles,” he added.
